HIH Insurance Limited was a publicly listed company in
Australia. Prior to its collapse in 2001, the HIH Group was
the second largest general insurer in Australia and had
operations in many other countries.
On 15 March 2001, HIH Insurance Limited and a number of its
subsidiaries were placed into provisional liquidation.
Subsequently, on 27 August 2001, the companies that were in
provisional liquidation were placed into liquidation.
Schemes of Arrangement remain in place for four of the original eight scheme companies.
The Australian Schemes of Arrangement of FAI Reinsurances Pty Ltd,
World Marine & General Insurances Pty Ltd, FAI Traders Insurance Company Pty Ltd,
and FAI Insurances Ltd have terminated.
The Scheme Administrators of the remaining companies have made payments to creditors and will make
further payments over the coming year(s).
Decision on the priorities to apply to non Australian assets
– The House of Lords has handed down its decision that
Australian priorities are to apply to the Insolvency of the
HIH group. Download a copy of the
English Scheme Administrators summary of the decision.